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Maximise your savings with a Fixed Cash ISA from Serve and Protect - secure and tax-free.
Serve and Protect is committed to offering its members the best choices when it comes to savings, and this includes a range of different types of saving accounts. Our Fixed Cash ISA account gives you a guaranteed return of 4% AER for 2024/25.Â
The benefits of our Fixed Cash ISA account is clear for all to see:
Deposit lump sums
You can open your Fixed Cash ISA with a deposit from as little as £5 up to £20,000.
Attractive return
Earn 4% AER for the 2024/25 tax year and benefit from a tax-free interest payment.
FSCS protected
Deposits are fully protected up to £85,000 by the Financial Services Compensation Scheme.
Transfer your ISA
You can transfer-in an existing Cash ISA, but only up to the value of your 2024/25 ISA allowance of £20,000.
Free life cover
If the worst should happen while you are a member of Serve and Protect, we’ll match the first £25,000 saved and your family will receive the total amount.
Our savings accounts are easy to manage. Fixed Cash ISA users can enjoy the simplest of processes:
Our application process takes only a few minutes to complete. Existing members are invited to apply anytime during the 2024-25 tax year. If you’re not yet a member, you’re welcome to apply for a Fixed Cash ISA; however, you must join us first. After becoming a member, simply return to this page to finalise your Fixed Cash ISA application.
Once everything is all set up, your Fixed Cash ISA account will be ready for deposits. If you mention in your application that you’re looking to add some new funds, we’ll send you all the details you need to make that deposit. Or, if you prefer to transfer funds from an existing account you already have with us or another ISA provider, no worries at all! We’re here to take care of everything for you.
Interest will be paid annually at the end of the product term, which is the 5th April 2025. This will be paid into your Fixed Cash ISA 2024-25. At this time, you will receive your interest payment, allowing you to fully make the most of your investment.
To open our Fixed Cash ISA account, you must be:
Once your account is set up, you can manage your account online via our mobile app.
The minimum deposit required to open this account is £5. The maximum deposit is the 2024/25 ISA allowance of £20,000.
You can continue to make payments into your Fixed Cash ISA during its lifetime as long as you remain within the ISA regulations and ISA allowance for each tax year.
These limits are subject to HM Revenue & Customs rules.
We will only accept Cash ISA transfers up to the value of the 2024-25 allowance and subscription limit of £20,000.
You can transfer money held in existing ISAs (whether they are with us or another ISA provider) into a Fixed Cash ISA.
Please note: If you open a Fixed Cash ISA to transfer in an existing ISA, you will need to make a new subscription.
These limits are subject to HM Revenue & Customs rules.
The interest rate is 4% AER.
Interest will be paid annually at the end of the product term, which is 5th April 2025. This will be paid into your Fixed Cash ISA 2024-25.
Any withdrawals will automatically close your Fixed Cash ISA.
You can take money out and close your Fixed Cash ISA whenever you wish, with no notice, although our standard 60 day interest penalty will apply for withdrawals made before the agreed subscription term.
There are no charges applied to your Fixed Cash ISA, but there is a 60 day interest penalty charge for any early withdrawals.Â
You will be charged whatever figure is lower, the total interest earned to date, or the 60 days of interest charged.
If you want to close your Fixed Cash ISA and withdraw all the money, you can do this at any time and without notice, but will be subject to the standard 60 day interest penalty.
You will be charged whatever figure is lower, the total interest earned to date, or the 60 days of interest charged.
Rest assured, all our savings products are protected by the UK’s Financial Services Compensation Scheme (FSCS), guaranteeing your savings up to £85,000. Any deposits exceeding the current limit are not covered. For additional details about the FSCS, please visit www.fscs.org.uk
To open a Fixed Cash ISA account, you’ll need to become a member of our credit union and save a minimum of £10 per month in our Regular Saver account.
Don’t worry if you’re not a member yet – you can become a member for free here.
Once you join, head back here to complete our Fixed Cash ISA application, and our friendly support team will assist you.
You can split your annual ISA allowance across the different ISA types – Cash ISA, Stocks and Shares ISA, Innovative Finance ISA and Lifetime ISA – or save the whole allowance in one type of ISA (apart from the Lifetime ISA, which has a limit of £4,000).
Serve and Protect Credit Union offer a Fixed Cash ISA only. This will be classed as one Fixed Cash ISA for the purposes of tax-free allowances and HMRC reporting.
If you’ve got existing ISAs with other providers from previous tax years, these don’t count towards your £20,000 annual allowance.
When your 2024/25 Fixed Cash ISA matures, and after the interest is paid, the balance will remain in the Fixed Cash ISA and then revert to our standard annual Fixed Cash ISA rate thereafter.
Alternatively, you may wish to transfer your money to another available Serve and Protect Credit Union account or withdraw it to another account.
All our savings accounts include free life cover up to £25,000 (up to the age of 65). This means, should the worst happen, your savings could be doubled up to the first £25,000, allowing you to support your family when they need it most.Â
The free life cover benefit is subject to the terms and conditions of Serve and Protect Loan Protection and Life Savings policies, arranged by CMGL and underwritten by Covea Life Ltd. Note that this protection is a benefit of membership provided at no extra cost to the member. The Credit Union is the policyholder for
If you’re already a member, our Fixed Cash ISA account is just the thing for you. Just fill out the form below to get started. It’s that simple!Â
Below, you’ll find an archive of the Fixed Cash ISA rates we’ve paid, allowing you to easily track what was provided and when.
Tax year | Effective period | AER (Annual Equavalent Rate) |
---|---|---|
2024/2025 | 06.04.2024 - 05.04.2025 | 4.00% |
Standard ISA Rate – Our Standard ISA rate is currently 1%. This is the rate you will receive on any Cash ISAs held with us from previous tax years.
Find out more about our other products and how they can help
As the name suggests, this is an easy access savings account designed to help all our members save regularly.
Our fixed rate saver account enables you to earn a guaranteed savings return over a set period of time.
If you want to make even more from your savings, our prize saver enables you the chance to win cash prizes every month.
It’s never too soon to start saving and our junior saver enables you to save on behalf of your children / grandchildren living at your address.
We know plans can change which is why our flexi saver is ideal if you want to save additional amounts, but access your money when needed.